USD/CAD Falls Near Eight-Week Low, Eyes 1.3674 Support

USD/CAD Forecast: Slides Toward 1.3674 Support Amid Bearish Momentum

USD/CAD Hits Eight-Week Low, Technicals Signal Further Downside

The USD/CAD pair fell to 1.3710 in Wednesday’s European trading session, reversing gains from earlier in the week. The pair is now testing critical support at 1.3674, its lowest level in eight weeks, amid sustained bearish momentum.

The 14-day Relative Strength Index (RSI) remains above the oversold threshold of 30, showing sellers remain in control but without yet triggering reversal signals.

Bearish Bias Strengthened by EMA and Downtrend Channel

The pair remains firmly below the nine-day Exponential Moving Average (EMA) at 1.3764, which continues to act as immediate resistance. A rejection from this EMA zone further confirms the short-term downtrend.

Technical pattern: USD/CAD continues trading within a descending channel, and a drop below 1.3674 may expose deeper support near 1.3650 and potentially 1.3419 — the lowest price since February 2024.

Support and Resistance Levels to Watch

• Immediate Resistance: 1.3764 (9-day EMA)
• Support Levels:
  • 1.3674 (Eight-week low)
  • 1.3650 (Channel bottom)
  • 1.3419 (February 2024 low)

A break below 1.3674 may confirm deeper downside, while any bounce would need to reclaim 1.3764 to shift short-term sentiment.

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